Autor: dot-traders

Filecoin price mirrored that of other cryptocurrencies like Bitcoin and Litecoin. FIL was trading at $6 on Friday, which is slightly above its year-to-date low of $4.9. It has crashed by more than 84% this year, making it one of the worst performers in the cryptocurrency industry.

Filecoin is still growing

Filecoin is a leading blockchain project that seeks to solve some of the biggest challenges in the tech industry. The platform helps to simplify the file storage industry that is now dominated by a few large companies like Microsoft and Google.

Filecoin makes it possible for anyone with a computer or smartphone to share their storage and then receive compensation. These users are paid using FIL, the native token for the ecosystem. 

According to the developers, the number of people using the platform to store files and provide data is increasing. There are now over 20,000 such users who are storing more than 50 million data objects. At the same time, the number of developers using the network has risen to over 7,000. Most of these developers are from the United States, South Korea, and Hong Kong.

The next major catalyst for Filecoin is the upcoming upgrade that will introduce the Filecoin Virtual Machine (FVM). The upgrade, which will happen in early next year, will be a virtual computer that developers can use to build their applications.

Still, there are concerns about the future of Filecoin and other similar decentralized storage platforms. For one, most people and companies find using centralized platforms like AWS and Azure being fine. 

Another challenge is that many file storage providers could find it difficult to be paid in FIL. Unlike stablecoins, the cryptocurrency is highly volatile and has lost more than 80% of its value this year.

Filecoin price prediction

The daily chart shows that the FIL price has been in a tight range in the past few days. As a result, it is consolidating at the 25-day and 50-day moving averages. It has formed a head and shoulders pattern whose neckline is at $4.95. 

At the same time, the MACD and the Awesome Oscillator are hovering at their neutral levels. Therefore, there is a likelihood that the coin will have a bearish breakout. This view will be confirmed if the coin manages to move below the important support at $4.95.

The post Is Filecoin’s FIL a good buy ahead of the FVM launch? appeared first on CoinJournal.

HBAR price has been in the defensive in the past few months as demand for the coin slips. Hedera Hashgraph dropped to a low of $0.57 on Friday, which is an important support level. This price is about 90% below the all-time high of $0.5800. Its market cap has slipped to more than $1.3 billion.

ServiceNow launches ESG Ledger

Hedera Hashgraph is a leading blockchain project that counts some of the biggest companies in technology as its partners and validators. Some of these firms are Google, IBM, Avery Dennison, and Deutsche Telekom as its partners. Most of these firms have used Hedera’s technology to build some of their blockchain projects.

Servicenow became a Hedera Hashgraph validator a few months ago. And this week, the company unveiled its first project that is built using the technology. The Now Platform is a new ESG Public Ledger. This ledger tracks all the audit logs and orchestrates token-related activities verifiably.

This ledger is important because of the number of entities involved in ensuring that companies meet their ESG goals. For example, there is a marketplace or exchange that allows the matching of demand and supply through a price discovery mechanism. There are also financial intermediaries, the ecological project, and the financial intermediary.

Servicenow selected Hedera because of the significant speeds of its network and the fact that it is one of the greenest blockchains in the world. For example, according to the Center for Blockchain Technology, it uses about 0.04 Wh per transaction.

HBAR price has also lagged even as Hedera’s DeFi ecosystem makes some progress. According to DeFi Llama, the total value locked (TVL) in Hedera has moved from zero to over $17 million. This growth was helped by Stader, a new liquid staking project. 

HBAR price prediction

The daily chart shows that the Hedera Hashgraph price has been under intense pressure in the past few months. This performance was in line with that of other cryptocurrencies like Bitcoin and Litecoin. Indeed, the coin has remained in a tight range at $0.06 just as BTC is hovering at $20,000. 

HBAR remains below all moving averages while the MACD has remained at the neutral level. Therefore, the outlook of this coin is neutral with a bearish bias. A drop below the support at $0.05 will signal that bears have prevailed, which could push it much lower.

The post HBAR price prediction: Last chance for Hedera Hashgraph bulls appeared first on CoinJournal.

XRP is the best performer amongst the top 10 cryptocurrencies by market cap today after rallying by more than 10%.

XRP, the native coin of the Ripple ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap on Friday. The rally comes after Ripple scored an important win in its ongoing case with the United States Securities and Exchange Commission (SEC).

The positive performance coincides with that of the broader cryptocurrency market. The total crypto market cap is close to $950 billion after adding more than 1% to its value in the last 24 hours.

Bitcoin, the world’s number one cryptocurrency, could be heading towards the $20k resistance level after adding more than 1% to its value today. Ether is also up by more than 1% and is trading at $1,345 per coin at press time.

XRP’s rally comes after the United States District Court Judge Analisa Torres overruled the SEC’s second attempt to withhold the documents relating to former Division Director William Hinman.

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: JUDGE TORRES OVERRULES THE SEC’S OBJECTIONS AND ORDERS THE SEC TO TURN OVER HINMAN DOCUMENTS. https://t.co/FzcdgNX59Z

— James K. Filan 🇺🇸🇮🇪 115k (beware of imposters) (@FilanLaw) September 29, 2022

According to the documents, Hinman said Bitcoin and Ether are not securities. The SEC has now been asked to release the documents, and Ripple believes they contain a key piece of evidence in the case the SEC has brought against it.

Key levels to watch

The XRP/USD 4-hour chart has turned bullish as XRP has been performing well over the last few hours.

XRP/USD Chart By TradingView

The MACD line crossed from the negative zone into the positive region, indicating that the bulls have regained control of the market. 

The 14-day relative strength index of 63 shows that XRP could enter the overbought region if the rally continues.

At press time, XRP is trading at $0.49010 per coin. If the bulls remain in charge, XRP could surge past the $0.5413 resistance level before the end of the day.

Unless there is an extended rally, XRP could find it hard to move past the $0.69440 resistance level over the weekend. 

Where to buy now

eToro

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Capital.com

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